The spread of the Coronavirus around the world has caused so many troubles that a lot of businesses whether big or small had to change their business model to sustain the changing demands.
There were several businesses that failed terribly in this everyday changing environment while there are others who made it through this hard time only because they modified their business model. In such a hard time the importance of people who have completed even an accounting internship has increased significantly.
Many companies have shifted their production plans a little bit. Some car manufacturers were seen making ventilators, and many other small scale industries are making sanitizers, masks, and other things that they have never done in the past. They did it because the things mentioned above are in high demand right now. Even the small businesses which have some employee who has good accounting training, they can take such strategic decisions.
And other institutions like gymnasium and dance classes moved to online platforms using the latest applications like Zoom and Google Meet. These cloud-based platforms have helped them a lot in staying connected to their potential customers.
An extraordinary step:
Porter Davis is a big name in the home building industry of Australia. After the lockdown was imposed in Australia, his business shifted to an online model overnight. Using applications like Zoom and other technologies, he provided a 3-D virtual tour of the home to be sold, and then the customers would choose whether to buy it or not.
These types of businesses are done with clients sitting face-to-face. But Davis managed to change it in one night. Shawn Patterson (the general manager at marketing and sales of this company) said that what the people are seeing right now is an effect of a long-term vision. This company has invested millions of money in digitizing the day to day tasks four years ago.
Davis has performed more than 40,000 virtual tours and a large number of contracts have been signed based on those tours. All these efforts were made possible because Davis was successful in promoting his business using digital media.
In an interview, Davis has made it very clear that even the lockdown is eased, his business will never return to a complete offline mode like the earlier days.
Importance of Digital Media in this time of pandemic:
According to PwC (PricewaterhouseCoopers) said in 2018 that the private sector output can be enhanced by an additional amount of 49.2 billion Australian dollars if they shift to digital media for the day to day transactions.
But nobody was caring about it till the lockdown was imposed due to COVID-19.
Sean Leong (an expert in Digital transformations) says that most of the businesses had no idea about what to do for starting the digitization of their product, but the pandemic has forced them to do so.
There is an education design company based in New Zealand which has also moved to a completely digital model in a short span of time. They created a team to make this effort successful and developed a model that has a full production studio. By doing so, they were able to see a growth of 52 percent by having their subscribers in about 75 countries of which customers from 69 countries were new customers. Nanogirl has also reduced the cost of 1 lesson and they are also providing. For each new subscriber, they are also giving these chapters for free to someone who can’t afford it.
According to Leong, any businessman who is running his business successfully, it is not recommended to stick to the traditional model. Instead, they should always try to find some new ways that may help them evolve their business plan.
As you can see in the case of Nanogirl, they tried to go online for sustaining the change in the market but the result that they got was more than they expected from this decision.
New working model for restaurant and other such businesses:
A popular family company in Australia called Winning Appliances has also shifted to an online model to cope with this situation and they have been successful in doing so. All they did was to start video conferencing that enables their customers to choose their products online. The online support and assistance via telephone were enhanced to make the process of virtual cooking very easy.
COO of the winning group has said that they have used modern technology for making their business even better. This positive effect of this decision is very much visible as the number of deliveries in the month of April was 69000.
The case with a restaurant called Italian and Sons is almost the same. During the lockdown when all the restaurants were shut down, the owners of this restaurant started a pick-up and delivery system for the materials that they are engaged in selling. The customers can place an order using an application and the restaurant will deliver that product to your location.
The turnover at the end has not improved so far but the business owners have been benefitted from these decisions so much that they are thinking in implement this online model even when the lockdown is lifted.
If you have employees in your company who have completed some basic accounting internship program, the chances of your company to land in a stressful situation like this is very low.
Evolution of the medical facilities around the world:
There are many doctors who have moved to online platforms for checking up the situation of their patients. Many journals and reports have mentioned that there were some physicians in China and some other countries who were checking up to 100 hundreds of patients daily.
The way to make your business secure for the future:
There are many ways that would help you to make the future of your business secure if something like this happens in the future. These are some crucial points that you should consider:
- Try to understand where exactly the human work is needed. If anything is not so typical, you can make it automated.
- Always provide training for your employees to make them able to adapt to the changing environment.
- Consider the importance of Digital media. Don’t always rely on physical media.
- Make the processes simple and clear which are performed on a daily basis.
- While taking any decision, you should focus on the fact that whether your decision is based on some personal interest or the demands of your customers.
Some admirable evolutions of the business models around the world:
There are several examples that will make you believe that it is not that hard to cope with situations like Corona COVID-19 if you understand the problems clearly. Take a look at these companies who made most out of this situation:
- com is a Chinese company that was selling its products online using the college forums and chat groups on social media. They were doing so because they were completely unprepared for this situation. But now they have become one of the largest ones in this field.
- Deliveroo is a UK based firm that delivers the essentials like cereals and other tinned goods. Now the Australian customers of this company can get the products on their doorsteps by ordering the products online.
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